Argo Blockchain, A Cryptocurrency Mining Firm Awaits Secondary Listing On Nasdaq

Argo Blockchain, A Cryptocurrency Mining Firm Awaits Secondary Listing On Nasdaq

Agro Blockchain that concentrates on cryptocurrency mining is desiring a secondary listing on Nasdaq. The crypto-mining company was already the first to appear on the London Stoch Exchange listings.

While announcing, Agro blockchain revealed its intention of getting a secondary listing on Nasdaq. According to the statement, this new desire is part of the company’s strategy and operational upgrades in June 2021.

Strategic UpdateThe Company also announces that it is exploring a potential secondary listing on NASDAQ. Argo has not made any decisions regarding the timing or the terms of the potential secondary listing.#ARB $ARBKF2/— Argo (@ArgoBlockchain) July 6, 2021

The cryptocurrency mining firm mentioned that it has not arrived at any decision for the timing of the listing. It said that it’s not yet clear when the listing will be implemented.

Furthermore, it disclosed that the market and other conditions always influence proposals on listings. Thus, there’s no clear assurance if the listing is ready.

Cryptocurrency Mining Performance Of Argo Blockchain

In a move for its recent update, Agro Blockchain revealed the company undertook the mining of 167 Bitcoin.

The Bitcoin that was mined boasts revenue of £4.4 million which is equivalent to $6 million. The mining profit rate for the technology company runs at 78%.

From the information revealed, Agro Blockchain now has a total mining revenue of about 883 BTC year-to-date. Also, the technology company is planning to hold 1,286 BTC or its equivalent as the month ends.

Peter Wall, CEO of Agro Blockchain, attributes the downplay in the crypto industry to the big changes in June.

According to Wall, there is a drastic decrease in the total hash rate globally and mining challenges. In addition, China’s crackdown on crypto mining also contributed to the downplay in the industry.

Recall that China’s crackdown on crypto miners threw several mining companies and the entire crypto industry into chaos.

Some of the mining companies were seen packing up and moving out of the country. Others sold their hydroelectric plants to travel abroad.

The entire activity harmed the price of digital assets. Bitcoin was the most affected cryptocurrency as the price of BTC plummeted drastically.

Wall concluded that amid these happenings, Agro Blockchain still strived through them all. As a result, the company maintained a continuous delivery of strong revenue that crossed an impressive margin.

Agro Blockchain set a milestone in 2018 as the first crypto mining firm to be listed on the London Stock Exchange. The firm placed more than 159 million ordinary shares at 16 British Pence ($0.22) per share.

From TradingView data, at the time of its listing, the stock surged to reach its all-time high of over £2.80, which amounts to $3.90 in February.

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